Section 26, The Insurance Act, 2016

(1) Subject to subsection (2), no person shall beregistered as an insurer unless he has and maintains a paid-up share capital of not less than– (a) four hundred and eighty million leones if it wishes to transact life insurance business; (b) four hundred and eighty million leones for each class of insurance business other than life insurance which it wishes to transact; (c) ten times the amounts specified in paragraph (a) or (b) if it wishes to transact re-insurance 18 19 Compulsory tenantable or public properties Employer’s liablilty Building Prohibition of transaction of business by certain persons. Classes of business.. Capital Requirements. (2) The capital requirements of an insurer transacting insurance business before or at the commencement of this Act shall be satisfied not later than two years after the commencement of this Act.